Commissioner Linda Sherwood asked Tabatchnick to "squelch gossip going around town and reassure the public that he does have the money and the city doesn't have to dump any more money into it."

Tabatchnick nodded.

Key components of the deal include the city's redevelopment agency kicking in $23 million and investment group Starwood Capital investing $75 million.

Mayor Peter Bober reminded the commission of "all the jokers who have come through and promised the sun, moon and stars and never come through. We picked Lon because he has a track record."

Tabatchnick declined to answer questions from reporters, ducking quickly into an elevator.

"We're doing good, everything is doing good," he said before the doors closed.

Hollywood officials plan to hold another meeting March 20 for the next update.

Commissioner Patricia Asseff says the Jimmy Buffett-themed resort is bound to spur redevelopment along the beach.

"A lot of other developers are waiting to see what happens with Margaritaville before they move forward with their own projects," Asseff said. "The past couple years, it's been tough for everyone to get financing. Timing is everything."

Groundbreaking for Margaritaville Hollywood Beach Resort is scheduled for late August 2013 with construction expected to take approximately two years. The 17-story, 349-room island-themed resort is expected to open in late 2015 or early 2016.